Of course this all all based on 11mpta thermal coal prod from...

Of course this all all based on 11mpta thermal coal prod from sprinsure creek plus 1mtpa pci prod from dingo west - - obviously production from springsure will eventually increase above 11mpta with such a large resource there; Dingo may well be increased over time too above 1mpta coking coal too.

Also ive assumed that we do the CAP RAISING all in one go for development at $1.20; Markets may very well come back, coal prices go back up etc in the next year or so. Certainly once europe inflates causing the euro to vastly depreciate, the eurozone can become very competitive export wise - europe still has only HALF the money supply than the US! So they have great scope to inflate - even if they double the amount of euros by printing, theyll be on par with the US!

So if markets come back, we can do a CAP RAISING at say $1.50 on average

Either way i think if we go it ALONE well have a share captial base of 1billion shares at least with all the capital and ongoing capital needed.

My opinion is BND is worth around $3bucks from all the analysis give or take